University of Missouri System’s finance committee is recommending hiring Northern Trust as custodian for the Columbia-based system’s $3.1 billion defined benefit plan and $1.3 billion endowment pool, said board of curators meeting materials.
The system issued an RFP in March as a routine measure “to assess service offerings and cost,” Thomas F. Richards, treasurer and chief investment officer, said at the time. Incumbent Bank of New York Mellon was invited to rebid; whether the firm did so could not be learned by press time.
Northern Trust would also serve as custodian for the system’s short-term general pool and other post-employment benefits trust fund. The board of curators is set to vote on the recommendation at its meeting Friday; the recommendation is endorsed by the Michael A. Middleton, the system’s interim president, and Brian D. Burnett, vice president for finance and chief financial officer.
Investment consultant RVK assisted.
Mr. Richards could not be reached by press time.